One Retired Colonel and others arrested by Police officers for printing fake currencies

March 2nd, 2024

With the discovery of phony N9 million and 300 million CFA notes in Lagos, the Zone 2 Command has brought an end to a network that printed counterfeit money in Nigeria and Cameroon.

According to Vanguard, Oludare Olamilekan, 50, and his wife Oluwayemisi, 46, are two of the four accused syndicate members. The other two are Ilelabayo Johnson, 62, who claimed to be a retired colonel, and Adeniyi Quadri, 35. It was found that the suspects, who were presented to the media yesterday at the Zone 2 Command Onikan, Lagos, by Assistant Inspector-General of Police, AIG Olatoye Durosinmi, had been supplying counterfeit money to Bureau De Change operators in Cameroun and Nigeria via point-of-sale services.

AIG Durosinmi disclosed that the arrests were made following an intelligence report about the hideout of one of the suspects, Quadri, who allegedly printed and supplied the fake currencies to other members of the syndicate.

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Consequently, he said the Zonal Monitoring Unit, headed by DSP. Adeyemi Akeem was derailed to carry out a discrete investigation.

According to him;

β€˜β€™The team swung into action and on February 3, 2024, the hideout of one Adeniyi Quadri of 11 Alof Street, Lagos Island, was invaded where he was arrested and a printing machine he uses in printing security threads on all sorts of counterfeited currencies, with a cash sum of Three Hundred Million CFA and Nine Million Naira, all suspected to be counterfeit, were recovered in his possession.

Adeniyi Quadri acknowledged that he has been counterfeiting money for more than three years. He also disclosed the identity of his accomplice, who he supplies with counterfeit money for distribution.

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Oludare Oluwayemisi and Oludare Olamilekan, who were partners in the crime, were apprehended as a result of his confession.

Along with the arrest of the pair, Ilelabayo Johnson, an ex-military member who lives at 3 Ilelabayo Close, Isoto via Ajasa Compound, Lagos State, was also taken into custody after the couple admitted to the crime.

When his home and grounds were searched during his arrest, some allegedly fake local and international money were found in his possession.

Each of the detained individuals acknowledged playing a different part in the commission of this crime. Intense efforts have been made to capture further members who are escaping.

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Quadri admitted during questioning that he printed N1 million worth of fake N1,000 notes for N10,000 in payment.

“To print 1000 bogus N1,000 notes, I am paid N10,000. Before I was arrested, I had already printed about N9 million. I was compensated N50,000 for my work. About five years ago, Olamilekan Oludare introduced me to the industry. Four times a year, he visits me. In addition to creating false notes, I handle other printing projects, but Olamilekan is my largest client, Quadri said.

Olamilekan acknowledged that he was the owner of the fictitious N9 million that the police had discovered on them.

We sell part of the counterfeit foreign money to bureau de change agents, and my wife, a point-of-sale employee.


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